Sharat Industries Limited announced a private placement of 19,00,000 equity shares at an issue price of INR 50 per share for a gross proceeds of INR 95 million. The transaction included participation from individual investors, PKR Kaushik for 6,00,00 shares, P. Vinod Kumar Reddy for 6,00,000 shares, Literoof Housing Private Limited for 2,50,000 shares, Maramreddy Sivakumar Reddy for 2,50,000 shares and Prakash Challa for 2,00,000 shares. The transaction is subjected to approval from the board of directors.

The meeting will be held on January 14, 2023.